Fed's Mester gave a near identical speech as one on August 31. On that date she said:L
- It is far too soon to conclude that inflation has peaked
- Wage pressures show little sign of abating
- We need to raise rates to 'somewhat above 4%' by early next year, then hold it there
- I do not anticipate rate cuts next year
- Sees unemployment rate rising 'somewhat above 4%' by end of next year
- need to see several months of data to be confident
- markets can remain volatile
- growth could slow more than expected
- unemployment could rise more than expected
- US economy not currently in a recession but the recession risks have increased
- expects fairly sharp slowing in economy
